ATLANTA — Gov. Brian Kemp signed a pair of tax-related bills on Tuesday. One gives Georgia taxpayers another special tax refund while the other reduces Georgia’s state income tax rate.
Channel 2’s Michael Doudna was at a special ceremony Kemp held with members of the Georgia General Assembly in attendance during the Cobb Chamber of Commerce’s event at the Battery.
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House Bill 112 passed the General Assembly for the one-time special refund, which Kemp first proposed back in October. It matches the previous refunds that taxpayers received in 2022 and 2023.
Single tax filers will receive $250; single head-of-household filers $350; and joint tax filers $500. Taxpayers who filed returns for 2023 and 2024 would be eligible.
The governor’s office says the refunds would total $1 billion.
“Putting the money back where it belongs - with you all,” Kemp said.
The Georgia General Assembly also passed House Bill 111 to lower the state income rate to 5.19%. The state income tax cut had already been planned, but HB 111 accelerated the new tax rate retroactive to Jan. 1 of this year.
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Emory University Professor Usha Rackliffe says these rebates had a $1 billion price tag on them, but it’s made possible because of a growing Georgia economy.
“When more people come to the state, when more businesses come to the state, the state will collect a lot more in revenue,” she said.
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